Tokyo Stocks End Sharply Higher

Published 2:12 pm, Monday, April 25, 2016

Tokyo stocks finished sharply higher in a half-day session Friday, the first trading day of 2002. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average climbed 328.87 points, or 3.12 percent, closing at 10,871.49. Last Friday, the average closed up 85.01 points, or 0.81 percent.

The dollar purchased 131.51 yen at late morning, up 0.05 yen from late Friday, last week, in Tokyo, but below its late New York level of 131.72 yen.

Financial markets in Tokyo were closed Monday through Thursday for the New Year's holidays. Friday's Tokyo Stock Exchange was a half-day session and full-day activity was to resume on Monday.

Although many Japanese companies opened their doors Friday following the New Year's holidays, some businesses remained closed.

On the stock market, the Nikkei index advanced Friday as technology issues and major autos led the rally on the heels of sharp gains overnight in U.S. technology issues on Wall Street.

Despite solid gains, players remained cautious about the market's near-term outlook because of the country's weak economic fundamentals.

In New York, the Dow Jones industrial average rose 98.74 to 10,172.14 at Thursday's close. The Nasdaq composite index closed at 2,044.27, up 65.02.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 21.82 points, or 2.12 percent, closing Friday at 1,053.96. The TOPIX closed up 18.41 points, or 1.82 percent, on Dec. 28.

In currency dealings, the dollar firmed against the yen in a narrow trading range amid recent bearishness over the Japanese currency. Investors have sold the yen amid concern about the outlook for the economy here.

In other currencies, the euro was traded at 118.86 yen, up from 115.94 yen late last Friday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.3950 percent from last Friday's finish of 1.3650 percent. Its price fell 0.26 point to 100.04.